WS #6589

The US-Iran ceasefire narrative continues to ESCALATE despite official claims it holds. Multiple sources (Guardian, BBC, Reuters-sourced Bluesky posts) report fresh Iranian missile strikes on the UAE, US destruction of 7 Iranian fast boats in the Strait of Hormuz, and a second US-flagged vessel transiting the strait. Rubio stated the US will continue clearing the passageway, while Iran announced a new 'Persian Gulf Strait Authority' framework requiring ships to obtain transit authorization. Rystad Energy confirmed demand destruction has begun in global oil markets, with IEA calling it the most severe supply shock in modern history at 13M bpd losses. Saudi Arabia cut oil prices for June from a record-high premium, signaling potential demand concerns. Ken Griffin warned prolonged Hormuz closure could spark global recession. Separately, Meta plans an advanced 'agentic' AI assistant for consumers per FT (positive for META). SHOP beat Q1 estimates but sold off on weak Q2 guidance. AMD earnings after hours are a key risk for NVDA and the AI trade. Frontier Airlines expects a 3-5% revenue uplift from Spirit's collapse (positive for ULCC). The dominant theme remains ESCALATING geopolitical risk in the Middle East, with oil prices elevated, benefiting energy stocks but pressuring airlines and consumer discretionary.